Neco Model Questions Vol1 2022 Financial Accounting Question 40
Practice objective / multiple choice question 40 from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
The following transactions were posted to the General Journal in June:\n\n1. June 3 - Purchased goods on credit \(\text{₦}45,000\).\n2. June 7 - Returned defective goods to supplier \(\text{₦}5,000\).\n3. June 12 - Paid cash for freight‑in \(\text{₦}2,000\).\n4. June 20 - Received a cash discount on the outstanding purchase balance \(\text{₦}1,500\).\n5. June 25 - Purchased additional goods on credit \(\text{₦}30,000\).\n\nAssuming the Purchases account is debited for purchases and freight‑in, credited for purchase returns, and cash discounts received are credited to Purchases, compute the closing balance of the Purchases account (state the balance as a debit amount in Naira).
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This is Neco Model Questions Vol1 2022 Financial Accounting Question 40. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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